Krastsvetmet: PGM Refining, Products and Accreditation

Krastsvetmet is Russia's largest precious metals refinery and the only one in the country that processes all eight precious metals, including all six platinum group metals, according to a credit-rating profile of the company published by ACRA. The London Platinum and Palladium Market (LPPM) suspended Krastsvetmet from its Good Delivery and Sponge Accreditation lists for platinum and palladium on 8 April 2022, alongside the smaller Russian refiner Prioksky, following Russia's invasion of Ukraine. This page sets out what Krastsvetmet actually refines, its accreditation history, ownership and product range, next to the other accredited platinum group metal refiners DailyPlatinum tracks.

What Is Krastsvetmet?#

Krastsvetmet, formally JSC Gulidov Krasnoyarsk Non-Ferrous Metals Plant, is a state-owned refinery headquartered in Krasnoyarsk, Siberia, and founded in 1943. Its ownership sits entirely with the regional government of Krasnoyarsk Krai rather than with private or institutional shareholders, according to industry profiles of the company, so it carries no ticker symbol and reports no public share price.

That state ownership has remained in place since the plant's 1943 founding, and no privatization, share sale or parent-company acquisition of Krastsvetmet is documented in industry profiles of the company.

Krastsvetmet's PGM Refining Capability#

Krastsvetmet refines all six platinum group metals, platinum, palladium, rhodium, iridium, ruthenium and osmium, to a nominal fine-metal purity of 99.99%, according to a company presentation to the London Bullion Market Association by Krastsvetmet representatives Aliev and Khobyakova. That eight-metal slate, which also includes gold and silver, makes Krastsvetmet the only refinery in Russia producing all eight precious metals, per the ACRA credit-rating release cited above.

One qualification applies to osmium specifically. Krastsvetmet's published product range includes osmium, yet SFA (Oxford), an independent precious metals consultancy, assesses that Russian osmium recovery and sales stopped entirely by the end of the 2010s. Krastsvetmet therefore retains the documented technical capability to refine osmium, without independent confirmation that it still does so commercially.

Krastsvetmet's feed is overwhelmingly primary mined concentrate rather than secondary scrap: it functions as the domestic refining outlet for MMC Norilsk Nickel's platinum-group-metal-bearing intermediates, since Nornickel operates no PGM separation refinery of its own and does not publish iridium, ruthenium or osmium production volumes. Krastsvetmet has also produced certified reference materials, precisely assayed metal standards that other laboratories use to calibrate their own assay equipment, since 2005, a technical role that depends on the refinery routinely handling all six platinum group metals rather than only the two, platinum and palladium, that carry London market accreditation.

Krastsvetmet and LPPM/LBMA Accreditation#

Krastsvetmet holds no active LPPM Good Delivery or Sponge Accreditation for platinum, palladium or rhodium. The London Platinum and Palladium Market suspended the refinery from both lists on 8 April 2022, alongside the smaller Russian refiner Prioksky (PZCM), following Russia's invasion of Ukraine.

The LPPM's suspension notice states that bars and sponge produced after that date "will no longer be regarded as Good Delivery or Sponge Accredited," and that "it will be the responsibility of the receiver to prove whether these bars or sponges were manufactured before this date." Material Krastsvetmet cast or refined before 8 April 2022 keeps its Good Delivery status; anything produced afterward does not, regardless of purity.

That suspension affects only platinum, palladium and rhodium sponge, the three metals for which a Good Delivery or Sponge Accreditation list exists at all. No such accreditation regime exists anywhere for iridium, ruthenium or osmium, so Krastsvetmet's output of those three metals faces no equivalent market-infrastructure barrier, only the separate constraints of sanctions law, banking and logistics described below.

Ownership and Corporate Structure#

Krastsvetmet is a state-owned enterprise, not a private company, a subsidiary of another corporate group or a publicly traded one. Its ownership sits 100% with the regional government of Krasnoyarsk Krai, according to industry profiles of the company, a structure that has held since the refinery's 1943 founding as the Krasnoyarsk Refinery Plant.

That state ownership means Krastsvetmet carries no share price, stock ticker or public shareholder register for DailyPlatinum, or any other outlet, to track, and questions comparing it to a listed refiner's share performance have no answer here.

Sanctions and Market Access#

Krastsvetmet's exclusion from the LPPM's Good Delivery and Sponge Accreditation lists sits inside a wider, non-uniform restriction on Russian platinum group metals rather than a single blanket ban. The LPPM's own Good Delivery list for platinum, as retrieved 6 August 2026, names no Russian refiner at all.

Johnson Matthey's PGM Market Report (May 2026) describes outlets for Russian platinum as having "become increasingly restricted, due to market sanctions such as the withdrawal of LPPM Good Delivery status and the imposition of import tariffs in some markets," attributing that effect to sanctions rather than stating it as an independently verified legal instrument. The LPPM delisting itself is a private market-body rule, not a government sanctions law, and researchers studying Russian PGM restriction separate that restriction into four distinct mechanisms:

• Government import prohibitions, a sanctions-law measure that does not name platinum group metals in the UK's own Russia metals-sanctions schedule.
• Ordinary trade-remedy duties, unrelated to sanctions law and, in the one documented PGM case, ultimately dropped after a negative injury finding.
• Private accreditation withdrawal, the LPPM Good Delivery and Sponge Accreditation suspension that applies to Krastsvetmet specifically.
• Voluntary buyer withdrawal, a commercial choice by individual purchasers rather than a legal requirement.

Krastsvetmet's suspension corresponds to the third mechanism, private accreditation withdrawal, not to a government import ban.

The United Kingdom's own Russia metals-sanctions schedule illustrates the distinction. Regulations 46IG, 46IH and 46II of the Russia (Sanctions) (EU Exit) Regulations 2019, effective from December 2023 under Schedule 3BA, name copper, nickel, aluminium, tungsten and several other metals as prohibited imports, but heading 7110, covering platinum, palladium, rhodium, iridium, osmium and ruthenium, is not on that schedule. No UK government import prohibition therefore reaches Krastsvetmet's platinum group metal output directly; the LPPM's private accreditation withdrawal is the mechanism actually restricting where that output can be sold as Good Delivery material.

PGM Products and Commercial Forms#

Krastsvetmet's documented output is precious metal sponge, the porous, high-purity powder form that is the standard primary output of an integrated precious-metals refinery, produced across all eight metals it processes. The refinery has also manufactured certified reference materials, precisely assayed metal standards other laboratories use to calibrate their own assay equipment, since 2005, a specialist product line most PGM refiners do not offer.

Since the April 2022 suspension, Krastsvetmet's platinum, palladium and rhodium sponge output no longer qualifies for Good Delivery or Sponge Accreditation status inside the London market system, regardless of its stated 99.99% purity. Its iridium, ruthenium and osmium output was never subject to that accreditation regime in the first place, because none exists for those three metals anywhere. A refiner outside the Good Delivery system can still cast plate, ingot or grain to the same 99.95% wholesale fineness the LPPM specifies for accredited material; what it cannot do is have that output accepted onto an exchange or bullion desk as Good Delivery without independent re-assay, which raises the transaction cost of every sale without changing the metal's underlying purity.

Where Krastsvetmet Coverage Stops on DailyPlatinum#

DailyPlatinum's coverage of Krastsvetmet is limited to its refining capability, accreditation status and ownership structure, sourced and dated above. This page is not equity research and does not comment on Russian government policy or the broader sanctions landscape beyond the documented accreditation and market-access facts already stated. For accreditation and refining facts across the wider industry, see DailyPlatinum's directory of accredited platinum group metal refiners.

Other Accredited PGM Refiners#

DailyPlatinum profiles other accredited PGM refiners, each covering its own accreditation status, ownership and product range:

• Johnson Matthey
• Metalor
• Argor-Heraeus
• Asahi Refining
• Rand Refinery

Krastsvetmet is the only Russian-domiciled refiner among them, and the only one excluded from the LPPM's platinum and palladium lists for reasons unrelated to its technical refining capability.

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